I am one month into the sale of my apartment in Abertridwr and the estate agent has just telephoned to warn that the buyers are swapping property lawyer. I am told that this is due to the fact that the bank will only deal with property lawyers on their approved list. Why would a major mortgage company only engage with specific lawyers rather the firm that they want to select to handle their conveyancing in Abertridwr ?
Mortgage companies have always had an approved set of law firms that can represent them, but in the past few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Lending institutions point to the increase in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to monitor. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Plenty of firms are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are not going to have any impact on this.
I am the registered owner of a freehold premises in Abertridwr yet pay rent, why is this and what is this?
It’s unusual for properties in Abertridwr and has limited impact for conveyancing in Abertridwr but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the generation of new rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be extinguished.
There are a variety of conveyancing solicitors in Abertridwr but how do I know who's good?
We would encourage you not to go for the lowest Abertridwr conveyancing quote. You really do get what you pay for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of the deal.
is it true that all Abertridwr conveyancing solicitors on the Nationwide conveyancing panel are governed by the SRA?
As solicitors, in order to be on the Nationwide conveyancing panel they would need to be governed by the Solicitors Regulatory Authority. The majority of lenders do permit licenced conveyancers on their panel in which case such practice would be regulated by the CLC.
HSBC have agreed my home loan in principle, my offer on a flat in Abertridwr has been accepted, what are the next steps?
Your property agent will wish to know who your solicitors are (make sure the property lawyers are on the lender’s panel). Telephone HSBC or your broker and finalise any relevant forms. HSBC will appoint a valuer who will get in contact with the selling agent or vendor to schedule an appointment. Once carried out (assuming no problems) it takes about ten days to get a mortgage offer. HSBC will issue the offer to you and your property lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Abertridwr.
I decided to have a survey completed on a house in Abertridwr in advance of retaining lawyers. I have been informed that there is a flying freehold element to the house. Our surveyor advised that some banks tend not issue a loan on this type of house.
It varies from the lender to lender. Lloyds has different requirements from Halifax. If you call us we can investigate further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Abertridwr. Conveyancing may be slightly more expensive based on your lender's requirements.
My husband and I are one month into a residential purchase having been referred to solicitors by the selling agent to execute conveyancing in Abertridwr. I am not happy. Can you you assist me in finding new conveyancers?
A lawyer would have to be really bad to suggest replacing them. Has the mortgage offer been sent? If so you need to inform them of the new contact details and have the mortgage documents are re-issued. Your new solicitor ideally needs to be on the banks panel to avoid added charges and frustration. That should be your first question of the new solicitors. Our search tool can assist you in finding a lender approved lawyer for your home move in Abertridwr
If all goes to plan we aim to complete the disposal of our £375,000 garden flat in Abertridwr next Friday. The management company has quoted £420 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Abertridwr?
Abertridwr conveyancing on leasehold maisonettes normally requires the purchaser’s lawyer sending enquiries for the landlord to answer. Although the landlord is not legally bound to respond to such questions the majority will be willing to assist. They may levy a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is £350, in some situations it is above £800. The management information fee required by the landlord must be sent together with a synopsis of rights and obligations in relation to administration fees, without which the invoice is technically not due. In reality one has no option but to pay whatever is demanded should you wish to complete the sale of your home.
I am the registered owner of a leasehold flat in Abertridwr, conveyancing formalities finalised 4 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Abertridwr with over 90 years remaining are worth £180,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease expires on 21st October 2084
With 59 years unexpired we estimate the price of your lease extension to be between £20,900 and £24,200 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.